American consumers boosted spending at a slower pace in July, while their incomes accelerated slightly.
grew 0.3 percent in July following a 0.5 percent increase in June, the
Commerce Department reported Monday. The slowdown had been expected
given an earlier report that retail sales were flat in July. Incomes
grew 0.4 percent in July, up from a 0.3 percent increase in June.
Economists are counting on solid gains in
consumer spending, which accounts for 70 percent of economic activity,
to power overall growth in the second half of the year.. . . more